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  1. #1
    Join Date
    Aug 2003
    Posts
    7,623

    Default 'Grey List' - what?

    I am posting this question on behalf of someone else as requested.....I will post it also in the Aus Forums.

    I am a mortgage broker in Australia. I have a prospective New Zealand client
    looking to buy investment property in Australia. He wants me to be aware of
    the "grey list" when I find him a financial institution.
    The only references I can find is a " grey list" of countries which
    Australia is one of, but he insists there is one for the banks as well.
    Do you know of such a thing and what is it?
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  2. #2
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    3,936

    Default

    Yes there is a Tax Dept list of financial institutionss that recognised for IP's when buying overseas. I assume that is what they are refferring to.
    Basically it needs to be financed from a recognised institution otherwise you get charged a few extra % on top of your interest rate by the Tax Dept. In reality you will find most of the main banks are recognised but if you are buying overseas you need to be carefull and check first.

  3. #3
    Join Date
    Aug 2003
    Posts
    7,623

    Default

    For NZ residents claiming interest paid on an IP mortgage from offshore ...the lending institution needs to have a presence in NZ to qualify for the full deduction otherwise as Whit has said the investor is accountible for a few % and therefore less interest paid against the mortgage is deductible.

    umm I wasn't completely sure that was what the 'grey list' was but now it makes sense.

    Cheers,

    Donna
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  4. #4
    Join Date
    Aug 2003
    Posts
    7,623

    Default Google it

    Here's any interesting article on 'grey list'

    read article

    I also mirrored this thread in this forum to get the Kiwi's response


    Cheers,

    Donna
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    BusinessBlogs - the best business articles are found here




 

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